MSG055G/01E CHILE-TRADE: Latin American Market is the Fastest Growing
SANTIAGO, Dic 13 (IPS) - Chilean exports to other Latin American countries increased 26.7 percent between Jan. and Oct. this yearmaking it the nation's most rapidly growing trade areaaccording to official figures released on Tuesday.
The Foreign Ministry report stated that the region was the third most important trading market for the nation after Asia and Western Europe, pushing North America into fourth position.
Sales to Asia increased 21 percent over the same the 10 month period in 1993, while exports to Europe rose only 1.5 percent and to North America 8.4 percent.
Asian sales were worth 2.97 billion dollars, Western European, 2.24 billion, and North American, 1.6 billion.
Sales to Eastern Europe increased 131 percent, but the area remains a minor market, while the Middle East and Oceania upped their Chilean imports by 22.6 and 8.4 percent respectively.
Total earnings from Latin America were 1.89 billion dollars, with Argentina accounting for 515.5 million, Brazil 443.7 million, Peru 239.8 million and Mexico 162.4 million dollars.
A general overview shows the United States as the major importer of Chilean goods, worth 1.55 billion dollars, and Japan the second at 1.50 billion.
Argentina and Brazil come third and fifth, with South Korea is fourth, spending 475.5 million dollars on Chilean products.
The revival of Chilean trade with Latin America continues the reversal of the situation under the Pinochet dictatorship (1973-90), when the region was strictly a secondary market.
Patricio Alywin's transition government (1990-94) started the process of signing trade agreements with Chile's Latin American neighbours, and the momentum has been continued under Eduardo Frei's mandate.
In March 1995, Chile will begin negotiations to join the North American Free Trade Agreement (NAFTA), with Canada, Mexico and the United States - a move initially expected to increase U.S. investments in Chile rather than Chilean exports north.
© Inter Press Service (2014) — All Rights Reserved. Original source: Inter Press Service